04/03/2023
Q1 2023 continued right where the prior quarter had left off – tepid tenant demand coupled with increasing vacancy throughout the Seattle office market. While the office sector was initially slowed by the pandemic fueled “Work From Home” movement, it has continued to realize setbacks from a slowing national economy and major reductions in work force by Big Tech. The…
Read More Download PDF04/03/2023
After five years of breakneck growth across the Eastside, the bloom is off the rose. 2023 kicked off with another rise in vacancy, and ominously the availability rate reached a recent historic high. Eastside vacancy stands at 9.7%, which is up from a cycle low of 5.9% in 2019. The availability rate – the combination of vacancy, sublease and marketed…
Read More Download PDF01/02/2023
The Puget Sound’s office market continues to realize negative setbacks from the shift to remote work in addition to the looming threat of an economic recession. As a result, we have seen total office demand in Seattle significantly decrease during the 2022 year – measuring at half of 2021’s active tenant demand. As of Q4 2022, the entire Seattle market…
Read More Download PDF01/02/2023
After three quarters of relatively stable vacancy, the Eastside stumbled in the fourth quarter. Vacancy rose 60 bases points to close at 9.0% which was last observed in 2017. In early 2023, we do not expect a repeat burst of tenant demand to soak up sublease space as we witnessed in the first half of 2021. A further wave of…
Read More Download PDF10/04/2022
As of Q3 2022, we started to see the light at the end of the tunnel in Seattle pandemic-era restrictions as the Governor’s office announced the upcoming recission of all remaining CV- 19 emergency proclamations and the state of emergency effective October 31, 2022. Well-located office buildings offering a host of amenities and collaborative workplace designs have led the pack…
Read More Download PDF10/04/2022
The brakes have been slammed on the five-year party of relentless Big Tech expansion on the Eastside. During the third quarter, Amazon announced delaying tenant improvements on 2.7M SF of their 3.5M SF currently under construction in downtown Bellevue, leaving the space in shell condition for the immediate future. Headline statistics for the third quarter were rather muted. Rental rates,…
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